Item C04County of Monroe
A
BOARD OF COUNTY COMMISSIONERS
Mayor George Neugent, District 2
The Florida. Key
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Mayor Pro Tem David Rice, District 4
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Danny L. Kolhage, District I
Heather Carruthers, District 3
Sylvia J. Murphy, District 5
County Commission Meeting
April 12, 2017
Agenda Item Number: C.4
Agenda Item Summary #2784
BULK ITEM: Yes DEPARTMENT: Engineering / Roads
TIME APPROXIMATE: STAFF CONTACT: Judith Clarke (305) 295 -4329
no
AGENDA ITEM WORDING: Approval of a three Party Escrow Agreement between Monroe
County, Florida Department of Transportation (FDOT) and the State of Florida Department of
Financial Services, Division of Treasury (escrow agent) to establish an escrow account for the
$355,000 fee payable to FDOT under the Locally Funded Agreement between the County and
FDOT for services to prepare for conversion of the Card Sound Toll to all electronic tolling.
ITEM BACKGROUND: This agreement outlines the requirements of the escrow fund that is
required by the Locally Funded Agreement between Monroe County and FDOT to prepare to
convert the Card Sound toll to all electronic tolling. The $355,000 lump sum payment to FDOT to
have Florida Turnpike Enterprise perform the work necessary to process toll transactions for the
Card Sound Toll will be deposited in the escrow account.
PREVIOUS RELEVANT BOCC ACTION: The BOCC approved a task order with HDR
Engineering, Inc. to prepare a design /build Request for Proposals (RFP) to construct improvements
to convert the Card Sound Toll to all electronic tolling in November, 2016.
The BOCC approved a task order with HDR Engineering, Inc. to perform Traffic and Revenue
Study and to prepare a Basis of Design Report for Card Sound Toll conversion in July, 2015.
CONTRACT /AGREEMENT CHANGES:
new
STAFF RECOMMENDATION: Approval as requested.
DOCUMENTATION:
THREE PARTY ESCROW AGREEMENT FINAL (3- 14 -17)
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing:
Grant:
County Match:
Insurance Required:
Additional Details:
If yes, amount:
None
REVIEWED BY:
Judith Clarke
Completed
03/21/2017 2:52 PM
Christine Limbert
Completed
03/23/2017 4:29 PM
Budget and Finance
Completed
03/27/2017 11:16 AM
Maria Slavik
Completed
03/27/2017 12:30 PM
Kathy Peters
Completed
03/27/2017 1:10 PM
Board of County Commissioners
Pending
04/12/2017 9:00 AM
THREE PARTY ESCROW AGREEMENT
THIS AGREEMENT is made and entered into by and between the State of Florida,
Department of Transportation ( "FDOT "), County of Monroe, a political subdivision of the
State of Florida ( "Participant "), and the State of Florida, Department of Financial
Services, Division of Treasury ( "Escrow Agent "), and shall become effective upon the
Agreement's execution by Escrow Agent.
WHEREAS, FDOT and Participant are engaged in the following project
( "Project ") -
Project Name: Card Sound Toll Authority Tolling System Upgrade
Project #s: 441064- 1 -93 -01 / 441064- 1 -91 -01 / 441064- 1 -3C -01
County: Monroe
WHEREAS, FDOT and Participant desire to establish an escrow account for
the Project.
NOW THEREFORE, in consideration of the premises and the covenants
contained herein, the parties agree to the following:
1. An initial deposit will be made into an interest bearing escrow account
established hereunder for the purposes of the Project. The escrow account
will be opened with the Escrow Agent on behalf of FDOT upon Escrow
Agent's receipt and execution of this Agreement.
2. Other deposits to the escrow account may be made during the life of this
agreement.
3. Deposits will be delivered in accordance with instructions provided by the
Escrow Agent to the FDOT for deposit into the escrow account. A wire
transfer or ACH deposit is the preferred method of payment and should be
used whenever possible.
4. FDOT's Comptroller or designee shall be the sole signatory on the escrow
account with the Escrow Agent and shall have sole authority to authorize
withdrawals from the account. Withdrawals will only be made to FDOT or
the Participant in accordance with the instructions provided to the Escrow
Agent by FDOT's Comptroller or designee.
5. Moneys in the escrow account will be invested in accordance with section
17.61, Florida Statutes. The Escrow Agent will invest the moneys
11
expeditiously. Income is only earned on the moneys while invested. There is
no guaranteed rate of return. Investments in the escrow account will be
assessed a fee in accordance with Section 17.61(4)(b), Florida Statutes. All
income of the investments shall accrue to the escrow account.
6. Unless instructed otherwise by FDOT, all interest accumulated in the escrow
account shall remain in the account for the purposes of the Project.
7. The Escrow Agent agrees to provide written confirmation of receipt of funds to
FDOT. FDOT agrees to provide a copy of such written confirmation to
Participant upon request.
8. The Escrow Agent further agrees to provide quarterly reports to FDOT
concerning the escrow account. FDOT agrees to provide a copy of such
quarterly reports to Participant upon request.
9. The Escrow Agent shall not be liable for any error of judgment or for any act
done or omitted by it in good faith, or for anything which it may in good faith
do or refrain from doing in connection herewith.
10. Escrow Agent shall have no liability for any claim, cost, expense, damage or
loss due to the acts or omissions of FDOT and Participant, nor from any
separate agreements between FDOT and Participant and shall have no
responsibility to monitor or enforce any responsibilities herein or in any
separate agreements associated with this Agreement between FDOT and
Participant.
11. This Agreement shall be governed by and interpreted in accordance with
the laws of the State of Florida.
12. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
13. This Agreement shall terminate upon disbursement by the Escrow Agent of
all money held by it in the escrow account in accordance with the
instructions given by FDOT's Comptroller or designee and notification from
FDOT to Escrow Agent that the account is to be closed.
Pa
IN WITNESS WHEREOF, the parties have duly executed the Agreement on the
date(s) below.
For FDOT -OOC (signature)
For PARTICIPANT (signature)
Name and Title
59- 3024028
Federal Employer I.D. Number
Date
FDOT Legal Review:
For Escrow Agent (signature)
Name and Title
Date
Name and Title
Federal Employer I.D. Number
Date
0